BANGALORE, India, September 22, 2017 /PRNewswire/ --
Infosys Finacle, part of EdgeVerve Systems, a wholly-owned
subsidiary of Infosys (NYSE: INFY), today announced a partnership
with ToneTag, a provider of near-field communications, payments and
location based services using sound waves. Through this
partnership, Finacle and ToneTag will offer a joint solution that
will leverage the latter's sound wave technology to enable
proximity payments and interactions.
Leveraging this joint solution, banks will now enable their
consumers to authenticate themselves and transact at bank branches,
ATMs and retail outlets, in a highly secure, fast and seamless
manner. Consumers can make payments with a tap of their phone,
which will expedite the checkout process at merchant location, and
improve the overall shopping experience. Delivered through Finacle
digital banking solutions such as Finacle Mobile Banking and
Finacle Digital Wallet, the solution will be available on all kinds
of mobile devices, including feature phones.
ToneTag is one of the companies that was recognized in the
recently concluded chapter of Finacle FinTech Connect, an
initiative that builds on ongoing alliances and the Infosys
Innovation Fund program to identify promising new FinTechs.
Highlights
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With this solution, banks will be able to offer contactless
payments on traditional Point-of-Sale machines without adding any
new hardware device
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The solution will empower consumers across segments to enjoy tap
and go experience at the merchant location. At the time of payment,
the sound based technology will enable exchange of essential
information for payment processing such as merchant id, device id,
transaction reference number and amount, between the Point-of-Sale
machines and consumers' phone. Basis this information, consumers
can approve the transaction on their phone, without sharing the
card or account information with the merchant. The unique aspect of
this solution is that unlike NFC-based proximity payments, which
require expensive handsets and new-age point-of-sale-machines, the
sound based contactless payments can be offered on all smart phones
and feature phones
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The contactless technology from ToneTag, combined with
biometrics authentication capabilities of Finacle solutions such as
fingerprint or facial recognition, will enable consumers to have a
completely frictionless experience while shopping
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Based on the industry recognized EMVCo technical standard (which
facilitates worldwide interoperability and acceptance of secure
payments), the solution allows bank customers to make contactless
payments using their digital wallets, linked credit/debit cards, or
through direct debits from their accounts
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The solution offers advanced security through three layers of
encryption, along with tokenization, Host Card Emulation and White
Box Cryptography to enable secure and convenient payments
Quotes
Sanat
Rao, Chief Business Officer, Infosys Finacle:
"In the emerging NFC-based payments ecosystems driven by Apple
and Samsung, banks are being relegated as the back-end payment
utility provider. The sound wave based proximity payments solution
by ToneTag offers a significant opportunity for banks to gain
control of the last mile payment experience, without making
substantial capital investments. We are glad to bring this
promising startup to our client ecosystem."
Kumar
Abhishek, Founder, ToneTag:
"Customer experience, security and interoperability will
continue to be key for financial service applications. ToneTag
brings all of these to the forefront and integration with Infosys
Finacle will place our innovation into the hands of more than 800
million consumers across 94 countries."
About Infosys Finacle
Infosys Finacle is the industry-leading universal banking
solution from EdgeVerve Systems, a wholly owned subsidiary of
Infosys. The solution helps financial institutions develop deeper
connections with stakeholders, power continuous innovation and
accelerate growth in the digital world. Today, Finacle is the
choice of banks across 94 countries and serves over 848 million
customers - estimated to be nearly 16.5 percent of the world's
adult banked population.
Finacle solutions address the core banking, e-banking, mobile
banking, CRM, payments, treasury, origination, liquidity
management, Islamic banking, wealth management, and analytics needs
of financial institutions worldwide. Assessment of the top 1000
world banks reveals that banks powered by Finacle enjoy 50 percent
higher returns on assets, 30 percent higher returns on capital, and
8.1 percent points lesser costs to income than others.
To know more, visit www.finacle.com
Safe Harbor
Certain statements in this release concerning our future growth
prospects are forward-looking statements regarding our future
business expectations intended to qualify for the 'safe harbor'
under the Private Securities Litigation Reform Act of 1995, which
involve a number of risks and uncertainties that could cause actual
results to differ materially from those in such forward-looking
statements. The risks and uncertainties relating to these
statements include, but are not limited to, risks and uncertainties
regarding fluctuations in earnings, fluctuations in foreign
exchange rates, our ability to manage growth, intense competition
in IT services including those factors which may affect our cost
advantage, wage increases in India, our ability to attract and retain
highly skilled professionals, time and cost overruns on
fixed-price, fixed-time frame contracts, client concentration,
restrictions on immigration, industry segment concentration, our
ability to manage our international operations, reduced demand for
technology in our key focus areas, disruptions in telecommunication
networks or system failures, our ability to successfully complete
and integrate potential acquisitions, liability for damages on our
service contracts, the success of the companies in which Infosys
has made strategic investments, withdrawal or expiration of
governmental fiscal incentives, political instability and regional
conflicts, legal restrictions on raising capital or acquiring
companies outside India, and
unauthorized use of our intellectual property and general economic
conditions affecting our industry. Additional risks that could
affect our future operating results are more fully described in our
United States Securities and Exchange Commission filings including
our Annual Report on Form 20-F for the fiscal year ended
March 31, 2017. These filings are
available at www.sec.gov. Infosys may, from time to time, make
additional written and oral forward-looking statements, including
statements contained in the company's filings with the Securities
and Exchange Commission and our reports to shareholders. In
addition, please note that the date of this press release is
mentioned at the beginning of the release, and any forward-looking
statements contained herein are based on assumptions that we
believe to be reasonable as of this date. The company does not
undertake to update any forward-looking statements that may be made
from time to time by or on behalf of the company unless it is
required by law.
For further information, please contact:
Asia Pacific
Sarah Gideon
Infosys, India
+91-80-4156-3998
Sarah_Gideon@infosys.com
EMEA
Margherita Di Cerbo
Infosys, Europe
Phone: +44-2075162748
Margherita.dicerbo@infosys.com
Americas
Chiku Somaiya
Infosys, USA
+1-408-375-2722
Chiku.Somaiya@infosys.com
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